Control Becomes Currency in Europe’s Offshore Wind Race

Nadara’s buyout of UK and Italian projects signals a new era of control in Europe’s maturing offshore wind market

20 Jan 2026

Europe’s floating offshore wind industry is edging out of its experimental phase. A deal struck in late November 2025 shows how quickly priorities are changing as projects move from concept to construction.

Nadara, a renewable-energy developer, agreed to take full ownership of ten floating wind projects in Britain and Italy, buying out its joint-venture partner, BlueFloat Energy. The move hands Nadara sole control of a sizeable development pipeline just as permitting, engineering and financing decisions become harder, and more costly, to reverse.

One notable exception remains. Stromar Wind, a large Scottish project, is still jointly owned by Nadara, Ørsted and BlueFloat. Its three-way structure reflects an older model of risk-sharing that persists where scale and complexity remain daunting.

The broader logic behind the deal is simple. In floating wind’s early days, shared ownership helped spread technical risk and pool scarce expertise. That made sense when projects were speculative and supply chains thin. But as developments inch closer to reality, complexity has become a liability. Multiple owners slow decisions, blur accountability and complicate talks with regulators, ports and lenders.

By consolidating control, Nadara can move faster. A single owner can align design choices, negotiate grid connections and secure scarce port capacity with fewer internal compromises. For financiers, clarity of governance matters almost as much as wind speeds or seabed conditions.

The geography also matters. Scotland and Italy are central to Europe’s floating-wind ambitions. Both have deep coastal waters, strong winds and governments keen to see turbines deployed offshore. They also suffer from congested infrastructure and lengthy approval processes. Developers with clear command over projects are better placed to compete for what little capacity exists.

BlueFloat’s exit from most of the portfolio looks less like retreat than retrenchment. Floating wind demands heavy upfront spending long before revenues appear. As costs rise, early-stage developers across Europe are pruning assets and focusing capital where they see the best chance of delivery.

Floating wind remains pricier than fixed-bottom offshore turbines, and its supply chains are still immature. Yet the Nadara-BlueFloat transaction suggests the industry is settling into a more disciplined phase. Europe’s offshore future, it seems, will be built not just on innovation, but on ownership structures that can carry projects across the finish line.